Winklevoss' Gemini to Add zCash, Litecoin

15/05/2018

The addition follows bitcoin cash and litecoin, on which BTCManagerreported in March 2018, and the company claims to be the "first licensed Zcashexchange in the world". The pump was initiated around 18 hours ago when news emerged that the Gemini Exchange would become the first fully licensed Zcashtrading platform. Gemini also plans to support block trading across the same three trading pairs.

Bitcoin Gold (BTG) traded 0.6% lower against the dollar and now trades at $59.17 or 0.00675280 BTC.

Zcash (CURRENCY:ZEC) traded 18% higher against the USA dollar during the one day period ending at 18:00 PM ET on April 29th.

Gemini CEO Cameron Winklevoss told Bloomberg in an interviewsaid that privacy-focused cryptocurrencies like Zcash have struggled to gain large market valuations in the past due to concerns from investors towards potential crackdown by authorities, as seen in the Japanese cryptocurrency market as of recent.

The exchange is directly supervised by the New York State Department of Financial Services (NYDFS) and is subject to the highest levels of compliance regulations, such as know your customer (KYC) and anti-money laundering (AML) laws.

NYDFS statement on @GeminiDotCom's authorization to list Zcash. The bullish sentiment can be attributed to a plethora of positive news, related or unrelated, released in the course of the event, which may incite traders, financial institutions, and the general populace to invest in digital assets.

The announcement saw Zcash spike, moving from a value of $250.77, up to $334.28 in a matter of minutes, with it, Zcash saw a huge spike in its market capitalisation. In that case, the BCH price substantially increased on other exchanges prior to Coinbase's announcement, which led to justifiable concerns that exchange employees were privy to and traded based on information regarding the BCH announcement.

Also during the letter, Winklevoss acknowledged Zcash's privacy features. Transparent transactions operate similarly to Bitcoin in that the balance and the amounts of the transaction are publicly visible on the blockchain.

"We are working to support withdrawals to shielded addresses in the future". Addresses which start with "t" behave exactly like Bitcoin, including their globally public properties and we refer to these as "transparent addresses". "It is possible to send ZEC between these two address types". "Today demonstrates that through education and collaboration and with the right controls in place, regulators can get comfortable with privacy technology". "Bitcoin has many strengths, but privacy is not one of them". At present, there are approximately 3.9 million ZEC in circulation, per ZCHAIN.

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